A rum distillery in Barbados maintains a petty cash fund of $500. At the end of the month, the petty cashier has $85 remaining and vouchers totalling $415. What amount should be reimbursed to restore the imprest?

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Question

A rum distillery in Barbados maintains a petty cash fund of $500. At the end of the month, the petty cashier has $85 remaining and vouchers totalling $415. What amount should be reimbursed to restore the imprest?

Accepted Answer

$415 — Award 1 mark for understanding the imprest system — the amount reimbursed equals the amount spent (total vouchers). A is incorrect — this is the cash remaining, not the amount spent. C is incorrect — this is the total imprest, not the reimbursement amount. D is incorrect — this would exceed the original imprest.

Answer

$500

Answer

$85

Answer

$415

Answer

$585

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